The 1.4 trillion barrels of oil under his feet beg to differ.
Via Washington Times:
President Obama used some dramatic imagery Thursday to defend his claims that more oil and gas drilling won’t help bring down gas prices.
In a speech at a Cushing, Okla., storage yard for pipes that will be used for the southern leg of the Keystone XL oil pipeline project, Mr. Obama said that even drilling on every inch of available land in the U.S. would do nothing to bring down gas prices.
“If I put an oil rig on the South Lawn [of the White House], if we put one next to the Washington Monument, we would still have to buy the rest of our needs from somewhere else,” he said.
But the president’s critics have taken sharp issue with many of his assertions about drilling.
The Institute for Energy Research, an industry-funded think tank, argues that the U.S. is sitting on 1.4 trillion barrels of oil — enough for a 200-year supply without a drop of foreign oil supplied. While overall U.S. oil production has increased under Mr. Obama, opponents argue that he is reaping the benefits of President George W. Bush’s expansion of oil and gas leases.